FATF recently launched a project to study and mitigate unintended consequences from the incorrect implementation of its Standards, including financial exclusion and de-risking.
FATF published its draft revised guidance for VAs and VASPs for public consultation in March 2021. As proposed, the guidance may be interpreted and implemented in an inconsistent manner potentially giving rise to regulatory arbitrage and resulting in other unintended consequences.
The FATF Virtual Asset red flag indicator report provides valuable insights to support the identification and prevention of ML/TF in the virtual asset industry. Read our high-level summary to understand the contents of the FATF's report.
The European Commission’s proposed Pilot Regime Regulation for market infrastructures using DLT (PRR) will temporarily allow incumbents to use DLT in some of their activities. Under current legislation, market infrastructures are prevented or restricted in their use of DLT or are required to duplicate certain record-keeping.
The European Commission's proposed Regulation on Markets in Crypto-assets (MiCA) will bring within the scope of regulation all crypto-assets not already covered by EU financial services legislation.
Over the next few days, we are expecting the publication of an Action Plan from the European Commission which will outline an EU-wide supervisory framework for AML and CFT.
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